ESEESCO TECHNOLOGIES INC

Communications Equipment, NEC

Revenue: $1.1B; 19% YoY
Operating margin: 15.6%; 2.2% YoY
EBITDA: $245M; 24% YoY
Market cap: $6.2B
Employees: 3,359; $326K revenue each
Net debt / EBITDA: 0.0×; $12M net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
81% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
7% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
31% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$326K · 35th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$6.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$715M	$858M	$856M	$919M	$1.1B	19%
Operating income	—	—	$119M	$146M	$170M	17%
Net income	$63M	$82M	$93M	$102M	$299M	194%
Operating cash flow	$123M	$135M	$77M	$128M	$242M	90%
Capex	$27M	$32M	$20M	$28M	$36M	28%
Stock-based comp	$7M	$7M	$9M	$9M	$11M	24%
Buybacks	—	$20M	$12M	$8M	—
Dividends	$8M	$8M	$8M	$8M	$8M	0.2%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 8, 2026	TBG AG	SCHEDULE 13D	16.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $5M · 16
Net: −$5M

Pay vs performance

No pay-versus-performance disclosure yet.